Any investors who are searching for Mutual Fund Equity Report funds should take a look at Vanguard Small-Cap Growth Index Fund (VISGX). VISGX has no Zacks Mutual Fund Rank, but we have been able to look into other metrics like performance, volatility, and cost.History of Fund/ManagerVanguard Group is based in Malvern, PA, and is the manager of VISGX. Since Vanguard Small-Cap Growth Index Fund made its debut in May of 1998, VISGX has garnered more than $81 million in assets. The fund's current manager, Gerard O'Reilly, has been in charge of the fund since September of 2011.PerformanceOf course, investors look for strong performance in funds. VISGX has a 5-year annualized total return of 6.47% and is in the bottom third among its category peers. If you're interested in shorter time frames, do not dismiss looking at the fund's 3-year annualized total return of 4.54%, which places it in the bottom third during this time-frame.When looking at a fund's performance, it is also important to note the standard deviation of the returns. The lower the standard deviation, the less volatility the fund experiences. Compared to the category average of 19.95%, the standard deviation of VISGX over the past three years is 25.57%. Over the past 5 years, the standard deviation of the fund is 22.86% compared to the category average of 17.67%. This makes the fund more volatile than its peers over the past half-decade.Risk FactorsInvestors should note that the fund has a 5-year beta of 1.12, so it is likely going to be more volatile than the market at large. Alpha is an additional metric to take into consideration, since it represents a portfolio's performance on a risk-adjusted basis relative to a benchmark, which in this case, is the S&P 500. VISGX has generated a negative alpha over the past five years of -3.91, demonstrating that managers in this portfolio find it difficult to pick securities that generate better-than-benchmark returns.HoldingsInvestigating the equity holdings of a mutual fund is also a valuable exercise. This can show us how the manager is applying their stated methodology, as well as if there are any inherent biases in their approach. For this particular fund, the focus is mostly on equities that are traded in the United States.This fund is currently holding about 98.59% stock in stocks, with an average market capitalization of $5.47 billion. The fund has the heaviest exposure to the following market sectors: Technology Health Industrial Cyclical Other Finance With turnover at about 24%, this fund makes fewer trades than the average comparable fund.ExpensesCosts are increasingly important for mutual fund investing, and particularly as competition heats up in this market. And all things being equal, a lower cost product will outperform its otherwise identical counterpart, so taking a closer look at these metrics is key for investors. In terms of fees, VISGX is a no load fund. It has an expense ratio of 0.19% compared to the category average of 0.78%. VISGX is actually cheaper than its peers when you consider factors like cost.This fund requires a minimum initial investment of $0, while there is no minimum for each subsequent investment.Bottom LineFor additional information on the Mutual Fund Equity Report area of the mutual fund world, make sure to check out www.zacks.com/funds/mutual-funds. There, you can see more about the ranking process, and dive even deeper into VISGX too for additional information. Zacks provides a full suite of tools to help you analyze your portfolio - both funds and stocks - in the most efficient way possible. Zacks Names "Single Best Pick to Double" From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all. It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time. This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.Free: See Our Top Stock and 4 Runners Up >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Get Your Free (VISGX): Fund Analysis ReportTo read this article on Zacks.com click here.Zacks Investment Research